Jean-Dominique Senard has confirmed he doesn’t wish to stand for re-election upon the expiry of his current term as Michelin’s chief executive officer. This means he will step down at the close of the tyre maker’s 2019 Annual Shareholders Meeting, and Michelin is implementing a succession plan that will see Florent Menegaux take his place.

To plan for a successor, several months ago non-managing Michelin general partner Société Auxiliaire de Gestion (SAGES) engaged in what Michelin says was a “rigorous, thorough selection process.” This process took place “in full cooperation” with both Senard and the Michelin Supervisory Board.

As part of this process, and in accordance with the Company’s Bylaws, the Board of Directors of SAGES made a recommendation that was presented by its chairman, Jacques de Chateauvieux, to Michelin Supervisory Board meeting on 9 February 2018. The Supervisory Board issued a unanimous opinion in favour of SAGES’ recommendation. The general partners subsequently held a meeting, and during this meeting the recommendation was approved by Jean-Dominique Senard.

The next step will be to submit an extraordinary resolution to shareholders at Michelin’s Annual Meeting in May 2018 to elect Florent Menegaux as general managing partner, as well as an ordinary resolution to elect Yves Chapot as managing partner.

Once these appointments have been made, and in accordance with the Company’s Bylaws, SAGES will act on the Supervisory Board’s recommendation and appoint Jean-Dominique Senard as chief executive officer, to be succeeded by Florent Menegaux at the close of the 2019 Annual Shareholders Meeting.